Continental Airlines and United to merge in an $8.5 billion all-stock merger of equals

May 2010

Jones Day advised Continental Airlines, Inc. in reaching an agreement to merge with United in an all-stock merger of equals valued at $8.5 billion. The all-stock merger of equals brings together two of the world's premier airlines, creating a combined company well positioned to succeed in an increasingly competitive global and domestic aviation industry.

The holding company for the new entity will be named United Continental Holdings, Inc. and the name of the airline will be United Airlines. The marketing brand will be a combination of the brands of both companies.

The combined company will offer enhanced service to Asia, Europe, Latin America, Africa and the Middle East from well-placed hubs on the East Coast, West Coast, and Southern and Midwestern regions of the United States. The combined company will have 10 hubs, including hubs in the four largest cities in the United States, and will provide enhanced service to underserved small- and medium-sized communities. The combined carrier will continue to serve all the communities each carrier currently serves. Together, Continental and United serve more than 144 million passengers per year as they fly to 370 destinations in 59 countries.

In addition to M&A representation, Jones Day is providing benefits, tax, and real estate advice regarding this transaction.

For additional information about this matter, please contact: Robert A. Profusek, J. Mark Metts

Client(s): Continental Airlines, Inc.